What is the Sharing Economy?
Also known as the gig economy or collaborative consumption, the Sharing Economy is an economic structure that allows individuals to share resources with other fellow individuals with the help of an on-line platform.
The Sharing Economy has been around for over a decade now and we can find examples in the likes of Airbnb and Uber, to name a couple.
We will delve into where the sharing economy is now and how much it has grown throughout the years. In this article, we will learn how the sharing economy will look moving forward into the future.
The Sharing Economy’s Persecution: Criticism
Before the sharing economy got to where it is now, it had to go through a ton of skepticism and backlash. Airbnb and Uber, for example, both had to experience lawsuit after lawsuit from government sectors not just in the United States but in other countries as well.
For instance, in 2017, Uber was forced to terminate its services in the Philippines over the case of unregistered drivers.
Airbnb also experienced legal struggles of their own, such as in Australia in 2018 when NSW passed two laws against them.
The Sharing Economy’s Contribution: Benefits
A primary advantage that the sharing economy contributes to is that it allows its consumers to share their extra stuff, vehicles, space, time, services, and talents through peer-to-peer renting and outsourcing platforms.
Participants are thus given the opportunity to earn income their own way and on the other end, enjoy more affordable access to products and services with budget-friendly alternatives.
The sharing economy also allows more flexible options for consumers to choose from, no longer are they restricted to big brands and expensive hotels when they can rent products and rent homes overnight.
This system also opens up leverage for job seekers to be able to find work that is in-line with their skills and career choice and likewise, it helps business owners find employees easier than ever before.
More benefits include contributing to the battle against material waste and creating unity and trust in the communities.
One more idea to keep in mind is that the sharing economy has technically been around for centuries, it was when times were simpler and there weren’t yet any big brands that hindered people from trading and selling with one another their personal belongings and self-cultivated goods.
But, with the help of technology, the public is given yet again an ecosystem wherein independent trade is possible.
It Comes in Different Types
The sharing economy consists of an enterprise of two types; non-profit and commercial.
Platforms that offer free online courses and learning materials are examples of the non-profit side of the sharing economy.
The commercial types of platforms are where companies provide certain services and secondary products to consumers for affordable prices.
Here are a few examples of different kinds of commercial-type services and websites:
- Freelance and Outsourcing – These are platforms that offer freelancers easy access to job applications fitting their specific skills. These sites also allow businesses and companies seamless outsourcing. Upwork and LinkedIn are two of the big examples of freelancing and outsourcing websites. They have been around for a while now and have dominated the online job application industry.
- Peer to Peer Lending – Big names such as Uber and Airbnb fall under this category, but there are definitely others more. Peer-to-peer lending refers to platforms that offer rental services to those looking to make use of the belongings they have lying around their house. It’s a great way to make money and save money at the same time.
- Fashion – Rent the Runway, Dress for Less, and The Black Tux are fashion websites that offer clothing for rent. These places are specially made for those hoping to spend less on high priced clothing brands only for a certain duration.
What does The Sharing Economy look like moving forward?
The sharing economy has been growing exponentially over the years, and it doesn’t show any signs of slowing down. According to an article by Brookings India, people in the sharing economy will possibly be spending $335 billion by 2025 in the United States alone.
Whether we like it or not, our economy is evolving, we could be seeing more services and categories emerge in the times ahead, providing the general consumers a more convenient, accessible, and affordable economic system.
Our platform, My Garage Rentals, also falls under the peer-to-peer category; but we prefer the term neighbor-to-neighbor, which boasts of our aim to build a trustworthy rental community, which allows a more secure and faster transaction for both the renter and the lender.
We are a rental platform that allows almost anything you deem useful to rent, such as handy tools, power tools, sports gear, camera gear, appliances, you name it, My Garage Rentals can rent it!
Sign up now at www.MyGarageRentals.com and take advantage of our rental services! Enjoy easy registration, the security of our $1,000 risk-free guarantee, and more unique features.